Cost Estimation Models

Cost estimation models are systematic methods used to predict the expenses involved in a project or product. They analyze various factors, such as materials, labor, and equipment, to provide an accurate forecast of costs. These models help organizations plan budgets, allocate resources, and make informed decisions. Different approaches include detailed estimates based on specific project data and more generalized models that use historical information or industry averages. Overall, cost estimation models are essential tools for managing financial risk and ensuring projects stay within budget.